Mortgage Loan Calculator
Calculate your monthly EMI, total interest & full amortization schedule — instantly and accurately.
🏦 Loan Details
| Period | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|
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What Is a Mortgage Loan? A Complete Guide for Indian Borrowers (2026)
A mortgage loan is a secured loan where the borrower pledges real estate property as collateral to obtain funds from a bank, housing finance company (HFC), or non-banking financial company (NBFC). In simple terms, when you borrow money to purchase, construct, or renovate a home — with the property itself serving as security — you have taken a mortgage loan.
In India, the word "mortgage" is often used interchangeably with "home loan." However, they are technically distinct: a home loan funds the purchase or construction of a new property, while a Loan Against Property (LAP) lets you borrow against a property you already own. Both types involve creating a legal charge (mortgage) on the property in favour of the lender.
With the Reserve Bank of India (RBI) maintaining a repo-linked rate environment in 2026, home loan and mortgage interest rates are more dynamic than ever. Using an accurate Mortgage Loan Calculator is the single most powerful step you can take before visiting any bank or housing finance company.
How Does This Mortgage Loan Calculator Work?
Our mortgage calculator uses the standard Reducing Balance Method (EMI formula) — the same formula mandated by the RBI for transparent loan pricing across all scheduled commercial banks in India:
P = Principal loan amount (₹)
r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
n = Total EMIs (Tenure in Years × 12)
For example, borrowing ₹50 lakhs at 8.50% p.a. for 20 years produces a monthly EMI of approximately ₹43,391. Over 240 months, you pay roughly ₹1.04 crore in total — meaning the interest component alone is nearly equal to the principal. This is why using this calculator before you commit to any loan amount or tenure is so valuable.
Our calculator also generates a complete amortization schedule — a month-by-month breakdown showing exactly how much of each payment goes toward principal reduction and how much covers interest. This is invaluable for planning prepayments or evaluating whether to refinance.
Types of Mortgage Loans in India (2026)
Understanding which type of mortgage is right for you can save you lakhs of rupees over the loan tenure. Here are the major categories available from Indian lenders in 2026:
🏠 Home Purchase Loan
The most common type — taken to buy a ready-to-move or under-construction residential property. Rates typically range from 8.40%–9.70% p.a. in 2026.
🔑 Loan Against Property (LAP)
Borrow against your existing residential or commercial property. LTV typically up to 70%. Rates usually 9.50%–13% p.a. — slightly higher than pure home loans.
🏗️ Home Construction Loan
For self-construction on a plot you own. Disbursement is stage-wise — based on construction progress — helping you manage interest outgo in the initial phase.
🔄 Balance Transfer Loan
Transfer your high-interest mortgage to a new lender at a lower rate. Even 0.50% reduction on ₹50 lakhs can save ₹2–4 lakhs over 10 years.
🛠️ Home Improvement Loan
For renovation, repair, or extension of an existing residential property. Typically up to 15 years tenure, often with flexible LTV norms.
🌱 Plot + Construction Loan
A combination loan financing both land purchase and subsequent construction. Tenure up to 30 years. A popular choice for self-built homes in tier-2 and tier-3 cities.
Current Mortgage & Home Loan Interest Rates in India — 2026
Interest rates on mortgage and home loans in India are primarily linked to the RBI Repo Rate. Lenders add a spread to arrive at their Repo Linked Lending Rate (RLLR) or External Benchmark Lending Rate (EBLR). The table below is indicative — always confirm directly with your lender before applying.
| Lender | Loan Type | Indicative Rate (2026) | Max Tenure |
|---|---|---|---|
| SBI | Home Loan | 8.50% – 9.65% p.a. | 30 years |
| HDFC Bank / HFC | Home Loan | 8.45% – 9.70% p.a. | 30 years |
| ICICI Bank | Home Loan | 8.75% – 9.85% p.a. | 30 years |
| LIC Housing Finance | Home Loan | 8.50% – 10.00% p.a. | 30 years |
| Banks / NBFCs | Loan Against Property | 9.50% – 13.00% p.a. | 15 years |
| Banks / NBFCs | Balance Transfer | 8.40% – 9.50% p.a. | 30 years |
* Rates are indicative only. Always confirm the current rate with your lender directly. LoanCalculate.in is not a lender or broker.
How to Use This Calculator — Step by Step
- Enter the Loan Amount: Input the total amount you wish to borrow after deducting any down payment. For a ₹70 lakh property with ₹20 lakh down payment, enter ₹50 lakhs.
- Set the Interest Rate: Enter your bank's current RLLR or EBLR rate. Our default is 8.50% — a typical floating rate in 2026.
- Choose the Tenure: Select your repayment period in years. Longer tenure = lower EMI but much higher total interest paid.
- Advanced Options: Click "Advanced" to include down payment, annual property tax, and home insurance for a complete monthly cost picture.
- Calculate: Click the button — your EMI, total interest, total payment, and amortization table appear instantly.
- View the Schedule: Toggle between monthly and yearly amortization views to plan prepayments or track how your balance reduces over time.
Factors That Affect Your Mortgage EMI
Your monthly mortgage payment is shaped by four key variables. Understanding each one helps you make smarter decisions:
- Principal Amount: A ₹10 lakh increase in loan amount at 8.50% for 20 years adds approximately ₹8,678 to your monthly EMI.
- Interest Rate: Even 0.25% change in rate matters over long tenures. On ₹50 lakhs for 20 years, dropping from 9% to 8.75% saves over ₹2 lakhs in total interest.
- Loan Tenure: A 30-year ₹50 lakh loan at 8.50% costs ₹29+ lakhs more in interest than a 15-year term — despite having a lower monthly EMI.
- Down Payment: A larger down payment directly reduces principal, cutting both EMI and total interest. Most Indian lenders require 10–20% down payment for loans under ₹75 lakhs.
Mortgage Loan Eligibility — What Lenders Look For in 2026
- Credit Score (CIBIL): 750+ generally qualifies for the best rates. Scores below 650 attract higher rates or rejection.
- Income & Employment: Salaried applicants typically need ₹25,000–₹35,000 net monthly income minimum. Self-employed need 2–3 years of stable ITR filings.
- Debt-to-Income Ratio: Most lenders prefer total EMIs (including the new mortgage) to not exceed 40–50% of net monthly income.
- Age: Minimum 21 years. Maximum age at loan maturity typically 70–75 years — directly limiting tenure for older applicants.
- LTV Ratio: For loans up to ₹30 lakhs, LTV up to 90%. For loans above ₹75 lakhs, LTV capped at 75% per RBI guidelines.